[Federal Register Volume 74, Number 129 (Wednesday, July 8, 2009)]
[Notices]
[Pages 32610-32611]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-15977]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Proposed Information 
Collection; Comment Request

AGENCY: Federal Deposit Insurance Corporation.

ACTION: Notice and request for comment.

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SUMMARY: The FDIC, as part of its continuing effort to reduce paperwork 
and respondent burden, invites the general public and other Federal 
agencies to take this opportunity to comment on a continuing 
information collection, as required by the Paperwork Reduction Act of 
1995. An agency may not conduct or sponsor, and a respondent is not 
required to respond to, an information collection unless it displays a 
currently valid OMB control number. The FDIC is soliciting comment 
concerning its information collection titled, ``Identity Theft Red 
Flags and Address Discrepancies under the Fair and Accurate Credit 
Transactions Act of 2003 (FACT Act).''

DATES: Comments must be submitted on or before September 8, 2009.

ADDRESSES: Interested parties are invited to submit written comments by 
any of the following methods. All comments should refer to the name and 
number of the collection:
     http://www.FDIC.gov/regulations/laws/federal/propose.html.
     E-mail: [email protected]. Include the name and number of 
the collection in the subject line of the message.
     Mail: Herbert J. Messite (202.898.6834), Counsel, Federal 
Deposit Insurance Corporation, 550 17th Street, NW., Washington, DC 
20429.
     Hand Delivery: Comments may be hand-delivered to the guard 
station at the rear of the 550 17th Street Building (located on F 
Street), on business days between 7 a.m. and 5 p.m.
    A copy of the comments may also be submitted to the OMB Desk 
Officer for the FDIC, Office of Information and Regulatory Affairs, 
Office of Management and Budget, New Executive Office Building, 
Washington, DC 20503.

[[Page 32611]]


FOR FURTHER INFORMATION CONTACT: Herbert J. Messite, at the address 
identified above.

SUPPLEMENTARY INFORMATION: Proposal to renew the following information 
collection:
    Title: Identity Theft Red Flags and Address Discrepancies under the 
Fair and Accurate Credit Transactions Act of 2003 (FACT Act).
    OMB Number: 3064-0152.
    Affected Public: Individuals; Businesses or other for-profit.
    Estimated Number of Respondents: 5,260.
    Estimated Time per Response: 16 hours.
    Estimated Total Annual Burden: 84,160 hours.
    General Description of the Collection: 12 CFR 334.82, 334.90, 
334.91 and Appendix J to Part 334 implement sections 114 and 315 of the 
Fair and Accurate Credit Transactions Act of 2003 (FACT Act), Public 
Law 108-159 (2003). Section 114 amended section 615 of the Fair Credit 
Reporting Act (FCRA) to require the OCC, FRB, FDIC, OTS, NCUA, and FTC 
(Agencies) to issue jointly (i) guidelines for financial institutions 
and creditors regarding identity theft with respect to their account 
holders and customers; (ii) regulations requiring each financial 
institution and creditor to establish reasonable policies and 
procedures for implementing the guidelines to identify possible risks 
to account holders or customers or to the safety and soundness of the 
institution or creditor; and (iii) regulations generally requiring 
credit and debit card issuers to assess the validity of change of 
address requests under certain circumstances. Section 315 amended 
section 605 of the FCRA to require the Agencies to issue regulations 
providing guidance regarding reasonable policies and procedures that a 
user of consumer reports must employ when a user receives a notice of 
address discrepancy from a consumer reporting agency (CRA). The 
information collections in Sec. 334.90 require each financial 
institution and creditor that offers or maintains one or more covered 
accounts to develop and implement a written Identity Theft Prevention 
Program (Program). In developing the Program, financial institutions 
and creditors are required to consider the guidelines in Appendix J to 
Part 334 and include those that are appropriate. The initial Program 
must be approved by the board of directors or an appropriate committee 
thereof and the board, an appropriate committee thereof or a designated 
employee at the level of senior management must be involved in the 
oversight of the Program. In addition, staff must be trained to carry 
out the Program. Pursuant to Sec. 334.91, each credit and debit card 
issuer is required to establish and implement policies and procedures 
to assess the validity of a change of address request under certain 
circumstances. Before issuing an additional or replacement card, the 
card issuer must notify the cardholder or use another means to assess 
the validity of the change of address. The information collections in 
Sec. 41.82 require each user of consumer reports to develop and 
implement reasonable policies and procedures designed to enable the 
user to form a reasonable belief that a consumer report relates to the 
consumer about whom it requested the report when the user receives a 
notice of address discrepancy from a CRA. A user of consumer reports 
must also develop and implement reasonable policies and procedures for 
furnishing an address for the consumer that the user has reasonably 
confirmed to be accurate to the CRA from which it receives a notice of 
address discrepancy when (1) the user can form a reasonable belief that 
the consumer report relates to the consumer about whom the user has 
requested the report; (2) the user establishes a continuing 
relationship with the consumer; and (3) the user regularly and in the 
ordinary course of business furnishes information to the CRA from which 
it received the notice of address discrepancy.

Request for Comment

    Comments are invited on: (a) Whether these collections of 
information are necessary for the proper performance of the FDIC's 
functions, including whether the information has practical utility; (b) 
the accuracy of the estimates of the burden of the information 
collections, including the validity of the methodology and assumptions 
used; (c) ways to enhance the quality, utility, and clarity of the 
information to be collected; and (d) ways to minimize the burden of the 
information collections on respondents, including through the use of 
automated collection techniques or other forms of information 
technology.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the 
collections should be modified prior to submission to OMB for review 
and approval. Comments submitted in response to this notice also will 
be summarized or included in the FDIC's requests to OMB for renewal of 
these collections. All comments will become a matter of public record.

    Dated at Washington, DC, this 1st day of July 2009.

Federal Deposit Insurance Corporation.
Robert E. Feldan,
Executive Secretary.
[FR Doc. E9-15977 Filed 7-7-09; 8:45 am]
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